State tax revenue takes a hit from SALT cap
The 2017 tax reform law put a cap on how much state and local taxes Americans can deduct on their federal tax returns. Now states are beginning to feel the pinch of reduced tax revenue because many people are moving away from high-tax jurisdictions. The situation is so bad in the northeast where tax rates have been traditionally high that New York Gov. Andrew Cuomo this week called the so-called SALT cap “an economic civil war.”
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